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I have bought 3 refurb Macs, 3 ipods, and an airport extreme base station and have only had positive experiences. The only negative is the lack of original packaging but really that isn't a big deal for me.
 
My macbook air rev a refurb is not great, but it came in like new condition. The rev a just sucks. I fully recommend buying refurb if possible!
 
Bought a refurb 17" MBP last week.

Specs as advertised - 2.66GHz Core i7, 4GB RAM, 500GB @ 5400 rpm.
Specs as received - 2.66Ghz Core i7, 8GB RAM, 500GB @ 7200 rpm.

Cosmetic condition was perfect. Put an OWC 120GB SSD in it, ordered Applecare from B&H for $100 less than from Apple. At 30% off sticker price, I don't think resale will be hurt much by the lack of new packaging.
 
'm thinking about going Refurb for my MBP I plan on getting.

Just gotta see what the refresh has in store.
 
Our office had 3 refurb imacs, and 1 refurb mac pro a while back. 2/3 imacs had major failures - one with the screen, one with the mobo. The other imac and mac pro were rock solid.

We also have three refurb mac minis and two new mac minis (with HDMI). The refurb minis have been fine, one of the new mac minis has graphics card/display issues and is being sent back to apple.

My personal refurb Mac Book Pro - pre unibody - is known to have the bad nVidia chip. Never had a single problem. Not one.

Like any purchase I fear it is simply the luck of the draw. Buy Applecare and they'll fix any problems unless you go swimming with it.
 
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